We’ve updated our security levels on Macquarie Online Banking to Enhanced or Ultimate mode. We’ve also introduced multi-factor authentication as a requirement for Enhanced and Ultimate modes.
Following this change, you’ll experience issues with your screen scraper or aggregator applications which includes any third-party applications that require you to log in with your Macquarie username and password (i.e. Moneysoft, Raiz, Spendee). These applications can then use your Macquarie log in credentials to access your Macquarie banking information at any time. This means your banking passwords are stored with these providers and increases your risk of unauthorised access to payments and confidential information.
Please note, Macquarie does not endorse, promote, or authorise the use of account aggregation services in connection with your Macquarie account(s) - this is reflected in our terms and conditions.
My third party application provider has told me screen-scraping is legitimate. Why does Macquarie not support this?
We understand that screen scraping is a solution that multiple software providers offer. However, this involves the sharing of your confidential login credentials to that third party. We note the alarming rates of online fraud reported by the Australian Banking Association and as such must act in the best interests of our clients, which include introducing new security protection tools that help Macquarie clients stay secure online, and protect them from users who are not our clients from logging in.
Is there another way to connect with third-party applications and share my data?
If you wish to continue sharing your data, we recommend speaking to your provider on their Consumer Data Right (CDR) solution. CDR is an opt-in service that gives you the ability to share your data between service providers of your choosing, in a secure and automated way which is regulated by the Australian Government. You can check if your application provider is a Consumer Data Right (CDR) listed provider here. If your service provider does not provide CDR, please reach out to them directly to find out more.
For more information about CDR and how to set it up, please visit https://www.cdr.gov.au/how-it-works for a step-by-step guide.